High yield munis were deeply oversold at the end of 2013 due to tax-loss selling, so the category has more room to run even after bouncing back in the first quarter, says John Miller, portfolio manager for the Nuveen High Yield Municipal Bond Fund. Miller says he would buy Chicago muni bonds "for the right price" despite the city's credit being downgraded by Moody's. He says Chicago's economy and tax revenue are growing so the situation will improve once it solves its unfunded pension problem.